25. Yen Retreats as Russian Stocks Gain After Crimea

The yen fell for the first time in six days against the dollar as a rally in Russian stocks damped concern Crimea’s vote to leave Ukraine will lead to an immediate increase in tensions between Russia and the West.

Japan’s currency weakened versus all of its 16 major counterparts as Royal Bank of Scotland Group Plc said the Bank of Japan may be embarking on dovish rhetoric, helping to cap recent gains in the currency. China’s yuan slid to an 11-month low versus the dollar after the central bank widened its trading band. The Australian dollar strengthened after Westpac Banking Corp. dropped its forecast for more interest-rate cuts. A gauge of currency volatility declined.

“We’re waiting to see what the response will be from the European Union, what the response from the United States is,” David Bloom, head of global currency strategy at HSBC Holdings Plc in London, said in an interview on Bloomberg Television’s “The Pulse,” with Francine Lacqua and Guy Johnson. The currency “market seems to be very calm. The market is not joining the dots and saying there’s a global problem. The market’s saying these are local isolated problems.”

The yen depreciated 0.4 percent to 101.78 per dollar as of 7:03 a.m. New York time after strengthening 1.9 percent last week. Japan’s currency dropped 0.3 percent to 141.47 per euro, the biggest decline since March 7. The euro weakened 0.1 percent to $1.3899.